iPhone | iPad
Android
Huawei
Many eateries open specifically for this demographic and keep their meals at lower prices for them
KT APPDOWNLOAD
Oil falls $3 as dollar rebounds
NEW YORK - Oil prices fell more than $3 on Friday in a commodities-wide pullback driven by a rebound in the U.S. dollar.
The declines in the oil market were further encouraged by two separate reports Friday showing an uptick in OPEC crude oil output and an expected decline in U.S. travel over the Sept. 1 Labor Day holiday weekend.
"Crude and products futures are retreating sharply on moderate volume after yesterday's rally, as a rebounding dollar and a round of profit-taking are stalling the return of bullish momentum," Addison Armstrong, an analyst at Tradition Energy, said in a research note.
U.S. crude fell $3.07 to $118.11 a barrel at 1630 GMT, after surging nearly 5 percent in the previous session. London Brent crude fell $2.99 to $117.17 a barrel.
Oil and other commodities lost traction Friday as the dollar fought back from the previous day's sharp correction versus a basket of major currencies.
A weak dollar can raise commodities prices by boosting the purchasing power of buyers using other currencies, while a stronger dollar tends to have the opposite effect, analysts have said.
Prices were also weighed down Friday by evidence of rising supplies of crude oil from the Organization of Petroleum Exporting Countries. Industry consultant Petrologistics said on Friday OPEC oil output was expected to rise in August by 450,000 barrels per day to 32.95 million bpd.
Adding to selling pressure, the U.S. auto and travel group AAA said that Labor Day holiday travel was expected to fall this year by the largest amount in at least eight years as consumers struggle with higher gasoline prices and airfares.
Oil prices are down sharply from their peaks above $147 a barrel in mid-July amid concern high energy costs are taking a toll on global fuel demand.
Friday's losses came after a big climb in prices earlier in the week that was supported by rising tension between the United States and Russia, the world's second biggest oil producer.
Russia said on Thursday it would respond with more than just a diplomatic protest to a U.S. deal with Poland to station parts of a U.S. missile defense shield on Polish soil.
More news from
The two-day Bollywood extravaganza took place at the Etihad Arena, Yas Island
List of over a dozen sites throughout India being considered before the final shortlist is shared with the ICC
Police are investigating the accident and have registered a case against the online star's driver
A host of issues face the markets, beyond the prospect of a possible default on US debt. Hedge your bets and ride it out, columnist says
Everton can ill-afford that hit as they are already seeking external investment to be able to complete the club's new stadium
The Ministry of Foreign Affairs hopes that the countries would implement the agreement they reached in Brussels in February